Twitter Inc. has shut two of its three India offices and told its staff to work from home.
Billionaire Chief Executive Officer Musk has fired staff and shut offices around the world as part of an effort to get Twitter financially stable by late 2023. Yet India is regarded as a key growth market for U.S. tech giants from Meta Platforms Inc. to Alphabet Inc.’s Google, which are making long-term bets on the world’s fastest-growing internet arena. Musk’s latest moves suggests he’s attaching less importance to the market for now.
Twitter has evolved in past years into one of India’s most important public forums, home to heated political discourse and Prime Minister Narendra Modi’s 86.5 million followers. Yet revenue there isn’t significant for Musk’s company, which also has to contend with strict content regulations and increasingly savvy local competition.An exodus of workers — many of whom were fired — since Musk’s acquisition has raised concerns about whether Twitter can sustain its operations and regulate content.
Since the $44 billion buyout, Twitter has failed to pay millions of dollars in rent for its San Francisco headquarters and London offices, been sued by multiple contractors over unpaid services, and auctioned off everything from bird statues to espresso machines to raise money. Musk has also openly floated the idea of bankruptcy, and cited a “massive drop” in revenue as advertisers fled over concerns about Twitter’s ability to weed out undesirable content. The platform has also experienced significant glitches and outrages, most recently just this month.
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